I finally made the first build of Livestream Processor! And it has a logo made by my friend Antonio Lassandro. The code snapshot is on Github here and the downloads are hosted on Google Code hopefully that will always show the v0.8 downloads, I had to link to a search result.
Anyway, right now it's pretty good at concatenating and speeding up videos. I tried it with full livestream recordings from my latest ludum dare attempt and it actually sorta worked. The audio went out of sync on the concatenating part then in the timelapsing part the audio ended up like twice as long as the video but I ended up with a 60 times speed video of the livestream. It isn't quite ready for the intended use case though.
Since releasing v0.8 I have already fixed some bugs and added the ability to build exe files for Windows. I plan on realeasing that and a few more changes I intend to make after I have fixed the bugs with large files but before I implement the downloader. Hopefully that comes sooner rather than later and LSP will be ready for real users.